FIT HON TENG(6088.HK):RECENT SELL-OFF LOOKS OVERDONE; AIRPODS PRODUCTION IN VIETNAM ON TRACK IN 1H24E
FIT HON TENG(6088.HK):RECENT SELL-OFF LOOKS OVERDONE; AIRPODS PRODUCTION IN VIETNAM ON TRACK IN 1H24E
We hosted a NDR call with FIT Hon Teng (FIT)'s mgmt. yesterday (11 Apr). Share price has been weak recently, partly due to investor concerns on Apple's TWS order ramp-up and allocation, in our view. Mgmt. stated that first production line of AirPods already started shipment in Vietnam in 1Q24, which we estimate to contribute 5-7% of sales in FY24E. By 2025, six more production lines will be added in its Indian plant. Overall, we believe recent stock price correction is overdone, and we maintain our positive view on FIT's growth drivers in 2024 (AirPods, AI server connectors, auto business). Maintain BUY with TP of HK$ 2.42. Upcoming catalysts include 1Q24 update in late April, AirPods ramp-up, and AI server product launches.
昨天（4月11日），我們與FIT Hon Teng（FIT）的管理層舉行了NDR電話會議。我們認爲，最近股價一直疲軟，部分原因是投資者對蘋果的TWS訂單增加和分配感到擔憂。管理層表示，AirPods的第一條生產線已於24年第一季度在越南開始發貨，我們估計這將佔FY24E 銷售額的5-7％。到2025年，其印度工廠將再增加六條生產線。總體而言，我們認爲最近的股價調整過頭了，我們對FIT在2024年的增長動力（AirPods、AI服務器連接器、汽車業務）保持樂觀的看法。維持買入，目標價爲2.42港元。即將推出的催化劑包括4月下旬的24季度更新、AirPods的上線以及人工智能服務器產品的發佈。
First AirPods production line in Vietnam started shipment in Feb 2024, accounting for 5-7% of FY24E sales. Mgmt. stated that AirPods capacity expansion in Vietnam kicked off in 2023, and first batch of shipment already started in Feb 2024. Mgmt. expected related revenue to ramp up in 2H24E, which we estimate to account for 5-7% of sales in FY24E. By 2025, FIT plans to add six more production lines in India (vs one in Vietnam now). We believe FIT and Luxshare will become two largest AirPods suppliers with 30/70% share allocation in 2025.
越南的第一條 AirPods 生產線於 2024 年 2 月開始發貨，佔 FY24E 銷售額的 5-7%。管理層表示，越南的AirPods產能擴張於2023年開始，第一批發貨已於2024年2月開始。管理層預計，2H24E 的相關收入將增加，我們估計這將佔到 FY24E 銷售額的5-7％。到2025年，FIT計劃在印度再增加六條生產線（而現在在越南增加一條生產線）。我們相信，到2025年，FIT和Luxshare將成爲最大的兩家AirPods供應商，股權分配爲30/ 70％。
Solid outlook in 2024: AirPods, AI server connectors/cables and auto business. Mgmt. reiterated positive outlook and maintained guidance for 2024: high-teens revenue growth, 15%+ GP YoY growth and 15%+ OP YoY growth, backed by AirPods share gain (5-7% of FY24E sales), AI server products in compute tray (7-9%) and Voltaira auto business consolidation (8%). Overall, we expect revenue/net profit to grow 12%/55% YoY in FY24E and 15%/27% YoY in FY25E.
2024年的穩健前景：AirPods、人工智能服務器連接器/電纜和汽車業務。管理層重申了樂觀的前景並維持了對2024年的指導：收入增長率高於10％，國內生產總值同比增長15％以上，營業收入同比增長15％以上，這得益於AirPods的份額增長（佔FY24E 銷售額的5-7％）、計算托盤中的人工智能服務器產品（7-9％）和Voltaira汽車業務整合（8％）。總體而言，我們預計 FY24E 的收入/淨利潤將同比增長12％/55％，FY25E 的收入/淨利潤將同比增長15％/27％。
Recent correction offers buying opportunities; Reiterate BUY. We believe recent share price correction related to Apple TWS order allocation provides good buying opportunities. Trading at 9.7x/7.6x FY24/25 P/E, we think valuation remains attractive (vs 15x 5-year hist. avg. P/E). Maintain BUY with TP of HK$ 2.42, based on 11x FY24E P/E. Near-term catalysts include 1Q24 update in late April, AirPods ramp-up, and AI server product launches.
最近的修正提供了買入機會；重申買入。我們認爲，最近與蘋果TWS訂單分配相關的股價調整提供了良好的買入機會。25財年市盈率爲9.7倍/7.6倍，我們認爲估值仍然具有吸引力（而5年曆史平均值爲15倍）。市盈率）。根據11倍的 FY24E 市盈率，維持買入水平，目標價爲2.42港元。短期催化劑包括4月下旬的24年第一季度更新、AirPods的上漲以及人工智能服務器產品的發佈。
譯文內容由第三人軟體翻譯。